JPMorgan’s plan to double its workforce in India and employ a further 4,500 staff there by 2007 to support its global structured finance and derivatives business is yet another sign that more highly skilled jobs on Wall Street could eventually be shipped to the subcontinent and performed for a fraction of the US cost.
This has already happened in other product areas. The days when the only services that banks outsourced or offshored to India was basic number-crunching and data entry are long gone.
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